The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1887-11-25
Supplement.
Mankato Free Press.
A SHORT MESSAGE.
President Cleveland's Angual
Communication to Congress
Brief This Time.
Only One Question Discussed and
That Is the Present Tariff
Regulations.


has sent the following message to con-
gress:
To the Congress of the United States:
You are confronted at the threshold of
your legislative duties with a condition
Of national finances which imperatively
demands immediate and careful consider
alton. The amount of money annually
exacted through the operation of the
present laws, from the industries of the
people, largely exceeds the sum necessary
to meet the expenses of the government.
When we consider that the theory Of
our institutions guarantees to every citi-
zen the full enjoyment of all the fruits OF
his industry and enterprise, with only
such deduction as may be his share to-
wards the maintenance of the govern
ment which protects him, it is plain that
the exaction OF more than this is indie
feasible extortiOn and culpable betrayal
Of American fairness and justice. This
wrong reflected on those who bear the
burden of national taxation, like other
wrongs, multiplies brood Of
evil consequences The public treas
WHICH Sll0lliu Oull GAlSl dS q
conduit conveying the peoples tribute to
its legitimate objects of expenditure, be-
comes a boarding place for money need
lessly withdrawn from trade and the peo-
pies use, thus Gripping our national
energies. suspending our country's de-
velopment, preventing investment in pro-
duetiye enterprise, threatening financial
disturbance and inviting schemes of pub
lie plumber.
This condition of our treasury is not al
together new, and il has more than once
of late been submitted to the peoples re-
representatives. in the congress, who alone
can apply remedy And yet the situa-
ton still continues with aggravated Incl
dents more than ever
Presaging Financial ConVulsiOn and Wide
Spread Disaster.
1t will not do to neglect this situation
because its dangers are not now plainly
imminent and apparent They exist none
the less certainly, and await the unfore
seen and unexpected occasion when sud-
denly they will precipitate upon us.
On the 30th day of June, 1885, the ex-
cess of revenue over public expenditures
after complying with the annual require
ment of the sinking fund act, was ST.
S29, 1854; during the year ending June
so, 1886, such excess amounted to 49,
405, 545. 20; and during the year ending
June 80, 1881, it reached the sum of $780,
567, S49. "a.
= The annual contributions TO the sink
ing fund during the three years above
specified, amounting in the aggregate to
$13S, 05S, 800 81, and deducted from the
surplus as stated were made by calling
in for that purpose outstanding per
cent. bonds of the government. During
the six months prior to June 80, 1887, the
surplus revenue had grown so large by
repeated accommodations, and it was
feared the withdrawal of this great sum
OF money needed by the people would so
affect the business of the country that
the sum of $7g, 1854, 100 of such surplus
was applied to the payment of the princi-
pal and interest of the per
cent. bonds still outstanding, and
which were then available at the
option of the government. The
precarious condition of financial affairs
among the people still needing relief, inn
mediately after the Both day of June,
1887, the remainder Of the per cent.
bonds then outstanding, amounting with
principal and interest to the sum of $18,-
S77, 500, were called in and applied to the
sinking fund contribution for the current
fiscal year. Notwithstanding these OPP
erations of the treasury department rep
reservations of the distress in business
circles not only continued hut increased,
and absolute peril seemed at hand. In
these circumstances the contribution to
- the sinking fund for the cur
rent fiscal year was at once
completed by the expenditure of $27, 1884,
900 * In he ~ -
bonds not yet due bearing and Az per
cent. interest, the premium paid thereon
averaging about "a per cent for the
former and s per cent for the latter, In
addition TO this the interest aecruing dur
ing the current year upon the outstand-
ing bonded indebtedness OF the govern
ment was to some extent anticipated,
and banks selected as repositories Of
public money were permitted to some
what increase their deposits.
While the expedients thus employed to
release TO the people the
Money Lying Idle in the Treasury
served to ayertimmediate danger, our rev.
enue have continued to accumulate,
the excess for the present year amounting
on the first day Of December TO So, 25S,-
70t.19, and estimated to reach the SUM
Of S113, 900, 900 on the Both Of June next,
at which date it is expected that this
sum, added to prior accumulations, will
swell the surplus in the treasury TO Sl40,-
O00,0
There seems to be no assurance that,
with such withdrawal from use of the
peoples circulating medium, our bust
ness community may not in the near
future be subjected to the same distress
which was quite lately produced from
the same cause, and while the functions
Of our national treasury should be few
and simple, and while its best condition
would be reached, believe, by it's entire
disconnection with private business in
terests, yet when, by a perversion Of It's
purposes, it idly holds money uselessly
subtracted from the channels Of trade,
there seems to be reason for the claim
that some legitimate means should be
devised by the government to restore in
an emergency, without waste or extrav-
aganoe, such money to its place among
the people.
II such an emergency arises there now
exists no clear and undoubted executive
power Of relief. Heretofore the redemp-
ton of per cent. bonds, which were
payable at the option of the government,
has afforded q means for the disburse-
ment OF the excess Of our revenues; but
these bonds have all been retired, and
there are no bonds outstanding the pay
msnt Of Which Ms bare tae 1sht to insist